Indiabulls Real has target of Rs 84-86: Thukral

Indiabulls Real Estate has target of Rs 84-86 levels, says Hemant Thukral, National Head-Derivative Desk, Aditya Birla Money.

Thukral told CNBC-TV18, "I think right from last contract, the real estate has been bullish and the way the rollovers happened clearly signaled that the sentiment continues to be bullish. Yesterday, we have seen both DLF as well as HDIL, Indiabulls Real Estate, add open interest but we will give preference to Indiabulls Real Estate because that has seen the maximum addition on the open interest side and with the rising cost, so clearly telling that a lot of long open interest has been built up."
He further added, "Even if we check the technical front, the stock has managed to close above Rs 70-72 barrier, which has made a new six months high, so it has crossed resistances now. If the traders go long, we are expecting a target of at least Rs 84-86 levels but traders have to maintain a stop loss because it is a high beta counter. So we would be looking at stop loss around Rs 68-69 which will now act as a very strong support for it."